Banks Make It a Tiny Bit Easier To Get a Home Loan
Out of 67 loan officers responding to a survey question about credit standards on prime residential mortgages, seven said their bank had "eased somewhat," 58 said standards remained unchanged and two said they had "tightened somewhat." No banks said they had either tightened or eased their standards considerably. The identities of the banks weren't disclosed.
The slight easing of standards came as banks reported increased demand for prime residential loans.
A similar trend could be seen with regard to nontraditional residential mortgages, though just 32 loan officers responded to that question. Only four loan officers responded to a question about subprime loans, with three saying their standards remained unchanged and one small bank saying it had tightened its standards considerably.The responses were part of a survey of 95 senior loan officers in the first half of July, covering business conditions over the previous three months. While the easing of credit standards by banks was only moderate, lending to businesses eased more meaningfully, according to the survey. Banks cited increased competition as the main reason for easing their standards. -- Written by Dan Freed in New York. Follow @dan_freed
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV